New Reward Checking Account at Sycamore Bank in Memphis Metro Area
Earlier this month I reported on BancVue's latest campaign in promoting Kasasa. In its free gas promotion, it highlighted several banks and credit unions offering Kasasa accounts. Some of these were banks that have just have recently launched Kasasa accounts. One of these is Sycamore Bank which has a Kasasa Cash account and a Kasasa Saver account. Like most new Kasasa accounts, the balance cap is a little disappointing. Nevertheless, the interest rate is high enough to make it noteworthy. Below are the rates, features and requirements of these accounts as of 8/30/2012:
Kasasa Cash:
Interest rates and ATM refunds if monthly qualifications are met:
- 3.01% APY on balances up to $15,000
- 0.42% interest rate on portion of balance over $15,000
- 0.10% APY if qualifications are not met
- Nationwide ATM fee refunds up to $20
Kasasa Saver:
Interest rates if Kasasa Cash qualifications are met:
- 1.01% APY on balances up to $15,000
- 0.44% interest rate on portion of balance over $15,000
- 0.10% APY if qualifications are not met
Monthly qualifications:
- 12 debit card purchases
- Receive paperless e-statements
- Access Kasasa 360 money management tools at least once during the monthly qualification cycle when available
The accounts are free with no monthly service charge and no minimum balance regardless of whether the monthly requirements are met.
Note that there is no direct deposit requirement. That appears to have been replaced by a requirement that is new for reward checking accounts. It's accessing Kasasa 360 money management tools. I did a short review of Kasasa 360 in March. From what I can tell, it's similar to Mint.com which can be used track all types of financial accounts from other institutions. This could be an easy qualification if they don't require that you have a certain number of other institutions that are tracked.
Availability
There's an online application link in the bank's Kasasa Cash page. The first page of the application states that you must reside in the bank's market area to be able to open an account. You have to enter your zip code which is checked to ensure it's in the bank's market area.
Sycamore Bank branches are located in northern Mississippi which is just south of Memphis, Tennessee. Zip codes from the Memphis area were accepted by the online application.
Bank Overview
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 23.68% (average) based on March 2012 data. Please refer to our financial overview of Sycamore Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 11423).
How This Reward Checking Account Compares
If you live in Tennessee, you can get a slightly higher rate with the same balance cap at First State Bank. Its reward checking account pays 3.10% APY for balances up to $15K, and anyone in TN can apply online.
There are only two reward checking accounts that are nationally available with at least a 3.00% APY. Consumers Credit Union pays 3.09% APY for balances up to $5K, and Lake Michigan Credit Union pays 3.00% APY for balances up to $15K.
These rates are accurate as of 8/30/2012.
Searching for Reward Checking Accounts
To find Kasasa Cash accounts and other reward checking accounts in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.
